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Subject: =?utf-8?Q?Thoughts=20from=20the=20Chairman=20=2D=20#1?=
From: =?utf-8?Q?Jeff=20Lynn?= <support@seedrs.com>
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View in browser (https://mailchi.mp/seedrs/covid19-378885?e=3D5ef1148adf)
https://www.seedrs.com/learn/blog/thoughts-from-the-chairman-1?utm_source=
=3DSeedrs+newsletters&utm_campaign=3D7e36407832-EMAIL_CAMPAIGN_2020_02_26_=
05_31_COPY_01&utm_medium=3Demail&utm_term=3D0_dfb90523ee-7e36407832-43129765
Dear Friends=2C
Each week during the Covid-19 crisis=2C I am going to try to share some th=
oughts on=2C and resources for=2C the startup and scaleup ecosystem. I hop=
e you find these notes helpful in navigating these uncertain times.
Government Support: The Good=2C The Bad and The Maybe
Some businesses will thrive under current conditions=2C even if this isn=
=E2=80=99t necessarily where they wanted their success to come from. Oddbo=
x (https://www.oddbox.co.uk/?utm_source=3DSeedrs+newsletters&utm_campaign=
=3D7e36407832-EMAIL_CAMPAIGN_2020_02_26_05_31_COPY_01&utm_medium=3Demail&u=
tm_term=3D0_dfb90523ee-7e36407832-43129765) =2C the wonky veg box c=
ompany of which I am a long-time customer=2C included a note in this week=
=E2=80=99s box saying that demand is so high they can=E2=80=99t accept any=
new orders for the moment. And The Cheeky Panda (https://www.thecheekypan=
da.co.uk/?utm_source=3DSeedrs+newsletters&utm_campaign=3D7e36407832-EMAIL_=
CAMPAIGN_2020_02_26_05_31_COPY_01&utm_medium=3Demail&utm_term=3D0_dfb90523=
ee-7e36407832-43129765) =2C makers of high-quality=2C sustainable t=
oilet roll =E2=80=93 well=2C you can just imagine how popular they are rig=
ht now.
But for all of the successes=2C there will also be many businesses that st=
ruggle=2C and over the past few weeks Her Majesty=E2=80=99s Government has=
been on overdrive in trying to find ways to support them. A number of dif=
ferent schemes have been put in place=E2=80=94you can see the full list he=
re (https://www.gov.uk/government/publications/guidance-to-employers-and-b=
usinesses-about-covid-19/covid-19-support-for-businesses?utm_source=3DSeed=
rs+newsletters&utm_campaign=3D7e36407832-EMAIL_CAMPAIGN_2020_02_26_05_31_C=
OPY_01&utm_medium=3Demail&utm_term=3D0_dfb90523ee-7e36407832-43129765) =E2=80=94but I want to talk about two of the most prominent=2C as well=
as a third potential one that could be particularly important to our comm=
unity.
The Good: Coronavirus Job Retention Scheme (CJRS).
Many companies will see a slowdown during this period=2C meaning they don=
=E2=80=99t need=E2=80=94and probably aren=E2=80=99t generating enough reve=
nue to pay=E2=80=94all of their staff. At the same time=2C no one wants to=
make redundancies right now if avoidable. There=E2=80=99s obviously the h=
uman impact of letting people go at a time when new jobs will be tough to=
come by=2C but there is also the practical reality that=2C once we are th=
rough this crisis=2C many industries may see a quick rebound=2C and if you=
r staff are all gone=2C it will be very tough to take advantage of the upw=
ard wave.
Enter the CJRS=2C which allows businesses to put staff on furlough at 80%=
of their normal pay (subject to a maximum of =C2=A32=2C500 per month)=2C=
with government picking up the full wage bill and Employers=E2=80=99 NI.=
The initial and much-awaited guidance on how this will work in practice w=
as published on Thursday=2C and to most people=E2=80=99s delight=2C it sho=
ws that the scheme will be wide-ranging and relatively easy to use (you ca=
n read the full guidance here (https://www.gov.uk/guidance/claim-for-wage-=
costs-through-the-coronavirus-job-retention-scheme?utm_source=3DSeedrs+new=
sletters&utm_campaign=3D7e36407832-EMAIL_CAMPAIGN_2020_02_26_05_31_COPY_01=
&utm_medium=3Demail&utm_term=3D0_dfb90523ee-7e36407832-43129765) ).=
There are a few limitations=2C but we would expect the vast majority of b=
usinesses we work with to be eligible to take advantage of it.
So the CJRS is looking like a great way to cut costs during the crisis whi=
le still treating employees well and staying on strong footing for when th=
e crisis ends. Bravo Boris (or=2C more precisely=2C Raves for Rishi=E2=80=
=A6).
The Bad: Coronavirus Business Interruption Loan Scheme (CBILS).
If CJRS helps reduce costs=2C CBILS (https://www.british-business-bank.co.=
uk/ourpartners/coronavirus-business-interruption-loan-scheme-cbils-2/?utm_=
source=3DSeedrs+newsletters&utm_campaign=3D7e36407832-EMAIL_CAMPAIGN_2020_=
02_26_05_31_COPY_01&utm_medium=3Demail&utm_term=3D0_dfb90523ee-7e36407832-=
43129765) is the much-trumpeted scheme to get cash into small- and=
medium-sized businesses in order to help with the costs that can=E2=80=99=
t be cut. The scheme provides an 80% government guarantee on bank loans of=
up to =C2=A35 million.
When first announced=2C it seemed like CBILS might be as broadly applicabl=
e as CJRS=2C as businesses in almost every sector are eligible for it so l=
ong as they have less than =C2=A345 million in turnover (there is a separa=
te scheme for larger businesses). In the normal world=2C startups and scal=
eups generally don=E2=80=99t qualify for bank lending=2C because they tend=
to be loss-making (usually intentionally=2C in the pursuit of rapid growt=
h) and often don=E2=80=99t have the types of assets that can be used as co=
llateral. But with an 80% guarantee=2C the risk to the banks shifts dramat=
ically (i.e.=2C it=E2=80=99s reduced by 80%...)=2C so the hope was that th=
at would make a whole lot of businesses eligible that wouldn=E2=80=99t oth=
erwise have qualified.
Sadly=2C it wasn=E2=80=99t to be. The banks quickly made clear that loans=
would only be for those businesses who would have qualified for lending p=
re-crisis=2C which basically renders the scheme useless to the vast majori=
ty of startups and scaleups. There may be some exceptions=2C and we will w=
atch closely as initial lending decisions are made (and if you hear about=
decisions=2C either approvals or rejections=2C please let me know!)=2C bu=
t for now CBILS does not look like a realistic route to capital for most o=
f our community.
The Maybe: a specialised funding package for startups and scaleups=2C form=
TBD.
Because CBILS is a non-starter for most startups and scaleups=2C there are=
several efforts afoot to harness government support for a funding structu=
re more suitable for these types of businesses.
Brent Hoberman wrote in the FT (https://www.ft.com/content/d77102d6-6ea6-1=
1ea-89df-41bea055720b?utm_source=3DSeedrs+newsletters&utm_campaign=3D7e364=
07832-EMAIL_CAMPAIGN_2020_02_26_05_31_COPY_01&utm_medium=3Demail&utm_term=
=3D0_dfb90523ee-7e36407832-43129765) this weekend (paywall=2C sorry=
) about the proposed Runway Fund=2C which would be a =C2=A3300m public-pri=
vate fund that would invest up to =C2=A3500=2C000 in 600 early-stage busin=
esses through convertible notes (disclosure: one of the institutions leadi=
ng this initiative is The Coalition for a Digital Economy (Coadec)=2C whic=
h I chair). France has already announced something similar (https://techcr=
unch.com/2020/03/25/france-announces-4-3-billion-plan-to-support-startups/=
?utm_source=3DSeedrs+newsletters&utm_campaign=3D7e36407832-EMAIL_CAMPAIGN_=
2020_02_26_05_31_COPY_01&utm_medium=3Demail&utm_term=3D0_dfb90523ee-7e3640=
7832-43129765) =2C as part of a =E2=82=AC4 billion package of aid t=
o its fast-growing startup and scaleup ecosystem.
Meanwhile=2C the Enterprise Investment Scheme Association (EISA) has put f=
orward a call (https://www.thegrocer.co.uk/fundraising/coronavirus-eisa-ca=
lls-for-tax-relief-threshold-increase-to-boost-investment-in-smes/603312.a=
rticle?utm_source=3DSeedrs+newsletters&utm_campaign=3D7e36407832-EMAIL_CAM=
PAIGN_2020_02_26_05_31_COPY_01&utm_medium=3Demail&utm_term=3D0_dfb90523ee-=
7e36407832-43129765) for the income tax relief percentages on EIS a=
nd SEIS investments to be raised to 60% (from 30% and 50%=2C respectively)=
during this period in order to encourage more private investment. And the=
re are a number of other good ideas floating out there=2C including around=
funding for later-stage businesses.
The big question is how government will respond=2C and we are hopeful that=
we will see moves toward adopting one or more of these schemes over the c=
ourse of this week.
Resources and Musings
A few interesting resources I=E2=80=99ve come across over the past week to=
help businesses think about how to manage themselves during this period:
=E2=80=A2 From Bain & Company=2C the global management consultancy=2C an=
adaptation of their =E2=80=9CElements of Value=E2=80=9D model to focus on=
what customers need most during a time like this: view it here (https://w=
ww.bain.com/insights/three-elements-of-value-for-consumers-take-precedence=
-snap-chart/?utm_source=3DSeedrs+newsletters&utm_campaign=3D7e36407832-EMA=
IL_CAMPAIGN_2020_02_26_05_31_COPY_01&utm_medium=3Demail&utm_term=3D0_dfb90=
523ee-7e36407832-&utm_source=3DSeedrs+newsletters&utm_campaign=3D7e3640783=
2-EMAIL_CAMPAIGN_2020_02_26_05_31_COPY_01&utm_medium=3Demail&utm_term=3D0_=
dfb90523ee-7e36407832-43129765) .
=E2=80=A2 From Pete Flint=2C founder of Trulia (and one of the people I m=
et and took inspiration from early in my own journey to becoming an entrep=
reneur and co-founding Seedrs)=2C a detailed and hugely worthwhile post on=
how to make it through a downturn: view it here (https://www.nfx.com/post=
/28-moves-survive-thrive-downturn/?utm_source=3DSeedrs+newsletters&utm_cam=
paign=3D7e36407832-EMAIL_CAMPAIGN_2020_02_26_05_31_COPY_01&utm_medium=3Dem=
ail&utm_term=3D0_dfb90523ee-7e36407832-43129765) .
=E2=80=A2 And from Jimmy McLoughlin=2C former business adviser to Theresa=
May and a long-time friend to Seedrs and to the startup and scaleup commu=
nity=2C a regular newsletter on =E2=80=9Cnavigating the business of corona=
virus=E2=80=9D: view it here (https://www.getrevue.co/profile/jimmym?utm_s=
ource=3DSeedrs+newsletters&utm_campaign=3D7e36407832-EMAIL_CAMPAIGN_2020_0=
2_26_05_31_COPY_01&utm_medium=3Demail&utm_term=3D0_dfb90523ee-7e36407832-43129765) .
And then a few tweets that seemed salient=2C amusing or both:
=E2=80=A2 First from Bill Gurley=2C partner of Benchmark Capital and one=
of the deans of the Silicon Valley venture capital community=2C who tweet=
s (https://twitter.com/bgurley/status/1239759433141325825?utm_source=3DSee=
drs+newsletters&utm_campaign=3D7e36407832-EMAIL_CAMPAIGN_2020_02_26_05_31_=
COPY_01&utm_medium=3Demail&utm_term=3D0_dfb90523ee-7e36407832-43129765) : =E2=80=9CI am living through my third =E2=80=98reset=E2=80=99 in Si=
licon Valley. Reputations are built in hard times=2C not the easy times. I=
f you shake a hand=2C sign your name - stand strong=2C or your word is no=
good. Otherwise you are a transient that only wanted the easy take. And y=
ou should move on.=E2=80=9D It=E2=80=99s already apparent that some invest=
ors are heeding this advice more than others=2C and I think that will be w=
ell remembered by founders when they get to the other side of this.
=E2=80=A2 Paul Graham=2C founder of Y Combinator (YC) and essayist extrao=
rdinaire=2C tweets (https://twitter.com/account/login_challenge?platform=
=3Dweb&enc_user_id=3DAAAAEICpvPcC-FQP7YLbVH0w0tn64N6X-apwznDEq_Gq0vKZ57k1q=
PxU-LB8&challenge_type=3DTemporaryPassword&challenge_id=3D48tJJZ2TZbkseHrx=
kBebyw1GRCRrx6UBWRsHWp&remember_me=3Dtrue&redirect_after_login_verificatio=
n=3D%2Fpaulg%2Fstatus%2F1243474090813542400&utm_source=3DSeedrs+newsletter=
s&utm_campaign=3D7e36407832-EMAIL_CAMPAIGN_2020_02_26_05_31_COPY_01&utm_me=
dium=3Demail&utm_term=3D0_dfb90523ee-7e36407832-43129765) a straigh=
tforward and pithy piece of advice: =E2=80=9CIf your startup's market has=
shrunk and you're wondering if you should (a) wait for it to come back or=
(b) adjust yourself to its current size=2C the answer is probably (b).=E2=
=80=9D For more of Paul=E2=80=99s excellent thinking (from pre-crisis days=
)=2C you can s (http://paulgraham.com/articles.html?utm_source=3DSeedrs+ne=
wsletters&utm_campaign=3D7e36407832-EMAIL_CAMPAIGN_2020_02_26_05_31_COPY_0=
1&utm_medium=3Demail&utm_term=3D0_dfb90523ee-7e36407832-43129765) e=
e his collection of essays here (http://paulgraham.com/articles.html?utm_s=
ource=3DSeedrs+newsletters&utm_campaign=3D7e36407832-EMAIL_CAMPAIGN_2020_0=
2_26_05_31_COPY_01&utm_medium=3Demail&utm_term=3D0_dfb90523ee-7e36407832-43129765) .
=E2=80=A2 Mattias Ljungman=2C one of the greats of the UK venture capital=
community=E2=80=94for many years at Atomico=2C which he co-founded=2C and=
now at his own Moonfire Ventures=E2=80=94tweets (https://twitter.com/Ljun=
gman/status/1244177161751343107?utm_source=3DSeedrs+newsletters&utm_campai=
gn=3D7e36407832-EMAIL_CAMPAIGN_2020_02_26_05_31_COPY_01&utm_medium=3Demail=
&utm_term=3D0_dfb90523ee-7e36407832-43129765) a thought about the p=
ost-crisis world: =E2=80=9CCoronavirus has accelerated a wide societal cha=
nge which is also further digitizing our economy. We are all re-thinking h=
ow we live our lives. To many this is either traumatizing & exhilarating!=
=E2=80=9D
=E2=80=A2 And finally=2C for those of us who have been around for bit=2C=
a funny one from James Clark=2C the tech community=E2=80=99s man at the L=
ondon Stock Exchange. He tweets (https://twitter.com/mr_james_c/status/124=
4261804748025856?utm_source=3DSeedrs+newsletters&utm_campaign=3D7e36407832=
-EMAIL_CAMPAIGN_2020_02_26_05_31_COPY_01&utm_medium=3Demail&utm_term=3D0_d=
fb90523ee-7e36407832-43129765) : =E2=80=9CIt's probably worth point=
ing out that Webvan would be crushing it right now.=E2=80=9D (For the youn=
g=E2=80=99uns who don=E2=80=99t know what Webvan was=2C just Google =E2=80=
=9Cdot-com crash=E2=80=9D and =E2=80=9Cposter child=E2=80=9D.)
What Seedrs is Doing
Last week I shared a blog post (https://www.seedrs.com/learn/blog/how-we-a=
re-helping-our-community?utm_source=3DSeedrs+newsletters&utm_campaign=3D7e=
36407832-EMAIL_CAMPAIGN_2020_02_26_05_31_COPY_01&utm_medium=3Demail&utm_te=
rm=3D0_dfb90523ee-7e36407832-43129765) in which I talked about the=
initial set of actions that Seedrs is taking to support our entrepreneurs=
and investors during this time. Of these=2C I=E2=80=99m pleased to announ=
ce our first online pitching event and our first online office hours will=
take place this week:
=E2=80=A2 Online Bitesize Pitches: Thursday=2C 2 April 2020=2C 13.00 Lond=
on time. Featuring Crua Outdoors=2C Miso Tasty=2C Lifetise and Hyper Polan=
d. Open to all authorised investors. Details on registration coming shortl=
y.
=E2=80=A2 Online Office Hours: Friday=2C 3 April 2020=2C 12.00 London tim=
e. Raising Capital for Your Business During Covid-19. Open to all who are=
considering ways to raise finance during this period. Register here (http=
s://register.gotowebinar.com/register/3956991021621777677?utm_source=3DSee=
drs+newsletters&utm_campaign=3D7e36407832-EMAIL_CAMPAIGN_2020_02_26_05_31_=
COPY_01&utm_medium=3Demail&utm_term=3D0_dfb90523ee-7e36407832-43129765) .
Meanwhile=2C initiatives like our fast-tracked fundraising campaign servic=
e=2C convertible equity campaigns (ASAs) and extended campaign length are=
already up and running=E2=80=94we=E2=80=99ll be sharing more information=
shortly=2C but if you are interested in any of them=2C please get in touc=
h with your contact at Seedrs or send us an email (mailto:support@seedrs.c=
om) . And we=E2=80=99ll have updates on the remaining efforts in coming da=
ys.
That=E2=80=99s all from me for now. Please do let me know any feedback or=
contributions=2C and I hope you all stay well and safe in the week ahead.
Best wishes=2C
Jeff Lynn
Executive Chairman & Co-Founder
View this update on our site (https://www.seedrs.com/learn/blog/thoughts-f=
rom-the-chairman-1?utm_source=3DSeedrs+newsletters&utm_campaign=3D7e364078=
32-EMAIL_CAMPAIGN_2020_02_26_05_31_COPY_01&utm_medium=3Demail&utm_term=3D0=
_dfb90523ee-7e36407832-43129765)
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=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=
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https://seedrs.us4.list-manage.com/track/click?u=3Db211206c49ae6c040bfb8ae=
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ight-rule: exactly;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 10=
0%;color: #007c89;font-weight: normal;text-decoration: none;"><img data-fi=
le-id=3D"35161" height=3D"31" src=3D"https://gallery.mailchimp.com/b211206=
c49ae6c040bfb8ae74/images/24f86823-341a-488b-9a38-8b2065928452.png" style=
=3D"border: 0px initial;width: 120px;height: 31px;margin: 0px;outline: non=
e;text-decoration: none;-ms-interpolation-mode: bicubic;" width=3D"120"></=
a></div>
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dyContainer" style=3D"background:#ffffff none no-repeat center/cover;mso-l=
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djust: 100%;">
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<table align=3D"left" border=3D"0" cellpadding=3D"0" cells=
pacing=3D"0" style=3D"max-width: 100%;min-width: 100%;border-collapse: col=
lapse;mso-table-lspace: 0pt;mso-table-rspace: 0pt;-ms-text-size-adjust: 10=
0%;-webkit-text-size-adjust: 100%;" width=3D"100%" class=3D"mcnTextContent=
Container">
<tbody><tr>
<td valign=3D"top" class=3D"mcnTextContent" style=
=3D"padding: 0px 18px 9px;line-height: 150%;mso-line-height-rule: exactly;=
-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;word-break: brea=
k-word;color: #444444;font-family: 'Lato'=2C 'Helvetica Neue'=2C Helvetica=
=2C Arial=2C sans-serif;font-size: 16px;text-align: left;">
<p style=3D"line-height: 150%;margin: 10px 0;p=
adding: 0;mso-line-height-rule: exactly;-ms-text-size-adjust: 100%;-webkit=
-text-size-adjust: 100%;color: #444444;font-family: 'Lato'=2C 'Helvetica N=
eue'=2C Helvetica=2C Arial=2C sans-serif;font-size: 16px;text-align: left;=
"><span style=3D"font-size:14px"><span style=3D"font-family:lato=2Chelveti=
ca neue=2Chelvetica=2Carial=2Csans-serif">Dear Friends=2C<br>
<br>
Each week during the Covid-19 crisis=2C I am going to try to share some th=
oughts on=2C and resources for=2C the startup and scaleup ecosystem. I hop=
e you find these notes helpful in navigating these uncertain times.</span>=
</span><br>
<br>
<span style=3D"font-size:18px"><span style=3D"font-family:lato=2Chelvetica=
neue=2Chelvetica=2Carial=2Csans-serif"><strong>Government Support: The Go=
od=2C The Bad and The Maybe</strong></span></span><br>
<br>
<span style=3D"font-size:14px"><span style=3D"font-family:lato=2Chelvetica=
neue=2Chelvetica=2Carial=2Csans-serif">Some businesses will thrive under=
current conditions=2C even if this isn=E2=80=99t necessarily where they w=
anted their success to come from. <a href=3D"https://seedrs.us4.list-manag=
e.com/track/click?u=3Db211206c49ae6c040bfb8ae74&id=3D450af28765&e=3D5ef1148adf" target=3D"_blank" style=3D"mso-line-height-rule: exactly;-ms-text-s=
ize-adjust: 100%;-webkit-text-size-adjust: 100%;color: #007c89;font-weight=
: normal;text-decoration: underline;">Oddbox</a>=2C the wonky veg box comp=
any of which I am a long-time customer=2C included a note in this week=E2=
=80=99s box saying that demand is so high they can=E2=80=99t accept any ne=
w orders for the moment. And <a href=3D"https://seedrs.us4.list-manage.com=
/track/click?u=3Db211206c49ae6c040bfb8ae74&id=3Dce90fc079d&e=3D5ef1148adf=
" target=3D"_blank" style=3D"mso-line-height-rule: exactly;-ms-text-size-a=
djust: 100%;-webkit-text-size-adjust: 100%;color: #007c89;font-weight: nor=
mal;text-decoration: underline;">The Cheeky Panda</a>=2C makers of high-qu=
ality=2C sustainable toilet roll =E2=80=93 well=2C you can just imagine ho=
w popular they are right now. <br>
<br>
But for all of the successes=2C there will also be many businesses that st=
ruggle=2C and over the past few weeks Her Majesty=E2=80=99s Government has=
been on overdrive in trying to find ways to support them. A number of dif=
ferent schemes have been put in place=E2=80=94<a href=3D"https://seedrs.us=
4.list-manage.com/track/click?u=3Db211206c49ae6c040bfb8ae74&id=3Df0e21ac2c=
b&e=3D5ef1148adf" target=3D"_blank" style=3D"mso-line-height-rule: exactl=
y;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;color: #007c89=
;font-weight: normal;text-decoration: underline;">you can see the full lis=
t here</a>=E2=80=94but I want to talk about two of the most prominent=2C a=
s well as a third potential one that could be particularly important to ou=
r community.<br>
<br>
<strong>The Good: Coronavirus Job Retention Scheme (CJRS).</strong><br>
<br>
Many companies will see a slowdown during this period=2C meaning they don=
=E2=80=99t need=E2=80=94and probably aren=E2=80=99t generating enough reve=
nue to pay=E2=80=94all of their staff. At the same time=2C no one wants to=
make redundancies right now if avoidable. There=E2=80=99s obviously the h=
uman impact of letting people go at a time when new jobs will be tough to=
come by=2C but there is also the practical reality that=2C once we are th=
rough this crisis=2C many industries may see a quick rebound=2C and if you=
r staff are all gone=2C it will be very tough to take advantage of the upw=
ard wave. <br>
<br>
Enter the CJRS=2C which allows businesses to put staff on furlough at 80%=
of their normal pay (subject to a maximum of =C2=A32=2C500 per month)=2C=
with government picking up the full wage bill and Employers=E2=80=99 NI.=
The initial and much-awaited guidance on how this will work in practice w=
as published on Thursday=2C and to most people=E2=80=99s delight=2C it sho=
ws that the scheme will be wide-ranging and relatively easy to use (<a hre=
f=3D"https://seedrs.us4.list-manage.com/track/click?u=3Db211206c49ae6c040b=
fb8ae74&id=3Dd7ef5c314c&e=3D5ef1148adf" target=3D"_blank" style=3D"mso-li=
ne-height-rule: exactly;-ms-text-size-adjust: 100%;-webkit-text-size-adjus=
t: 100%;color: #007c89;font-weight: normal;text-decoration: underline;">yo=
u can read the full guidance here</a>). There are a few limitations=2C but=
we would expect the vast majority of businesses we work with to be eligib=
le to take advantage of it.<br>
<br>
So the CJRS is looking like a great way to cut costs during the crisis whi=
le still treating employees well and staying on strong footing for when th=
e crisis ends. Bravo Boris (or=2C more precisely=2C Raves for Rishi=E2=80=
=A6).<br>
<br>
<strong>The Bad: Coronavirus Business Interruption Loan Scheme (CBILS).</s=
trong><br>
<br>
If CJRS helps reduce costs=2C <a href=3D"https://seedrs.us4.list-manage.co=
m/track/click?u=3Db211206c49ae6c040bfb8ae74&id=3Deddda3135a&e=3D5ef1148adf" target=3D"_blank" style=3D"mso-line-height-rule: exactly;-ms-text-size-=
adjust: 100%;-webkit-text-size-adjust: 100%;color: #007c89;font-weight: no=
rmal;text-decoration: underline;">CBILS</a> is the much-trumpeted scheme t=
o get cash into small- and medium-sized businesses in order to help with t=
he costs that can=E2=80=99t be cut. The scheme provides an 80% government=
guarantee on bank loans of up to =C2=A35 million. <br>
<br>
When first announced=2C it seemed like CBILS might be as broadly applicabl=
e as CJRS=2C as businesses in almost every sector are eligible for it so l=
ong as they have less than =C2=A345 million in turnover (there is a separa=
te scheme for larger businesses). In the normal world=2C startups and scal=
eups generally don=E2=80=99t qualify for bank lending=2C because they tend=
to be loss-making (usually intentionally=2C in the pursuit of rapid growt=
h) and often don=E2=80=99t have the types of assets that can be used as co=
llateral. But with an 80% guarantee=2C the risk to the banks shifts dramat=
ically (i.e.=2C it=E2=80=99s reduced by 80%...)=2C so the hope was that th=
at would make a whole lot of businesses eligible that wouldn=E2=80=99t oth=
erwise have qualified. <br>
<br>
Sadly=2C it wasn=E2=80=99t to be. The banks quickly made clear that loans=
would only be for those businesses who would have qualified for lending p=
re-crisis=2C which basically renders the scheme useless to the vast majori=
ty of startups and scaleups. There may be some exceptions=2C and we will w=
atch closely as initial lending decisions are made (and if you hear about=
decisions=2C either approvals or rejections=2C please let me know!)=2C bu=
t for now CBILS does not look like a realistic route to capital for most o=
f our community.<br>
<br>
<strong>The Maybe: a specialised funding package for startups and scaleups=
=2C form TBD. </strong><br>
<br>
Because CBILS is a non-starter for most startups and scaleups=2C there are=
several efforts afoot to harness government support for a funding structu=
re more suitable for these types of businesses. <br>
<br>
<a href=3D"https://seedrs.us4.list-manage.com/track/click?u=3Db211206c49ae=
6c040bfb8ae74&id=3D92df044f8d&e=3D5ef1148adf" target=3D"_blank" style=3D"=
mso-line-height-rule: exactly;-ms-text-size-adjust: 100%;-webkit-text-size=
-adjust: 100%;color: #007c89;font-weight: normal;text-decoration: underlin=
e;">Brent Hoberman wrote in the FT</a> this weekend (paywall=2C sorry) abo=
ut the proposed Runway Fund=2C which would be a =C2=A3300m public-private=
fund that would invest up to =C2=A3500=2C000 in 600 early-stage businesse=
s through convertible notes (disclosure: one of the institutions leading t=
his initiative is The Coalition for a Digital Economy (Coadec)=2C which I=
chair). <a href=3D"https://seedrs.us4.list-manage.com/track/click?u=3Db21=
1206c49ae6c040bfb8ae74&id=3D0cee810133&e=3D5ef1148adf" target=3D"_blank"=
style=3D"mso-line-height-rule: exactly;-ms-text-size-adjust: 100%;-webkit=
-text-size-adjust: 100%;color: #007c89;font-weight: normal;text-decoration=
: underline;">France has already announced something similar</a>=2C as par=
t of a =E2=82=AC4 billion package of aid to its fast-growing startup and s=
caleup ecosystem. <br>
<br>
Meanwhile=2C the Enterprise Investment Scheme Association (EISA) has <a hr=
ef=3D"https://seedrs.us4.list-manage.com/track/click?u=3Db211206c49ae6c040=
bfb8ae74&id=3Dd369db2f49&e=3D5ef1148adf" target=3D"_blank" style=3D"mso-l=
ine-height-rule: exactly;-ms-text-size-adjust: 100%;-webkit-text-size-adju=
st: 100%;color: #007c89;font-weight: normal;text-decoration: underline;">p=
ut forward a call</a> for the income tax relief percentages on EIS and SEI=
S investments to be raised to 60% (from 30% and 50%=2C respectively) durin=
g this period in order to encourage more private investment. And there are=
a number of other good ideas floating out there=2C including around fundi=
ng for later-stage businesses. <br>
<br>
The big question is how government will respond=2C and we are hopeful that=
we will see moves toward adopting one or more of these schemes over the c=
ourse of this week.</span></span><br>
<br>
<br>
<span style=3D"font-size:18px"><span style=3D"font-family:lato=2Chelvetica=
neue=2Chelvetica=2Carial=2Csans-serif"><strong>Resources and Musings</str=
ong></span></span><br>
<br>
<span style=3D"font-size:14px"><span style=3D"font-family:lato=2Chelvetica=
neue=2Chelvetica=2Carial=2Csans-serif">A few interesting resources I=E2=
=80=99ve come across over the past week to help businesses think about how=
to manage themselves during this period:</span></span></p>
<span style=3D"font-size:16px">=E2=80=A2 </span> <span style=3D=
"font-size:14px"><span style=3D"font-family:lato=2Chelvetica neue=2Chelvet=
ica=2Carial=2Csans-serif">From<strong> Bain & Company</strong>=2C the=
global management consultancy=2C an adaptation of their =E2=80=9CElements=
of Value=E2=80=9D model to focus on what customers need most during a tim=
e like this: <a href=3D"https://seedrs.us4.list-manage.com/track/click?u=
=3Db211206c49ae6c040bfb8ae74&id=3Db92e4dc8ed&e=3D5ef1148adf" target=3D"_b=
lank" style=3D"mso-line-height-rule: exactly;-ms-text-size-adjust: 100%;-w=
ebkit-text-size-adjust: 100%;color: #007c89;font-weight: normal;text-decor=
ation: underline;">view it here</a>.</span></span><br>
<br>
<span style=3D"font-size:16px">=E2=80=A2 </span><span style=3D"font-=
size:14px"><span style=3D"font-family:lato=2Chelvetica neue=2Chelvetica=2C=
arial=2Csans-serif">From <strong>Pete Flint</strong>=2C founder of Trulia=
(and one of the people I met and took inspiration from early in my own jo=
urney to becoming an entrepreneur and co-founding Seedrs)=2C a detailed an=
d hugely worthwhile post on how to make it through a downturn: <a href=3D"=
https://seedrs.us4.list-manage.com/track/click?u=3Db211206c49ae6c040bfb8ae=
74&id=3Df9ae9aa069&e=3D5ef1148adf" target=3D"_blank" style=3D"mso-line-he=
ight-rule: exactly;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 10=
0%;color: #007c89;font-weight: normal;text-decoration: underline;">view it=
here</a>.</span></span><br>
<br>
<span style=3D"font-size:16px">=E2=80=A2 </span><span style=3D"font-=
size:14px"><span style=3D"font-family:lato=2Chelvetica neue=2Chelvetica=2C=
arial=2Csans-serif">And from <strong>Jimmy McLoughlin</strong>=2C former b=
usiness adviser to Theresa May and a long-time friend to Seedrs and to the=
startup and scaleup community=2C a regular newsletter on =E2=80=9Cnavigat=
ing the business of coronavirus=E2=80=9D: <a href=3D"https://seedrs.u=
s4.list-manage.com/track/click?u=3Db211206c49ae6c040bfb8ae74&id=3Dcfb38ded=
13&e=3D5ef1148adf" target=3D"_blank" style=3D"mso-line-height-rule: exact=
ly;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;color: #007c8=
9;font-weight: normal;text-decoration: underline;">view it here</a>.</span=
></span>
<p style=3D"line-height: 150%;margin: 10px 0;padding: 0;mso-line-height-ru=
le: exactly;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;colo=
r: #444444;font-family: 'Lato'=2C 'Helvetica Neue'=2C Helvetica=2C Arial=
=2C sans-serif;font-size: 16px;text-align: left;"><span style=3D"font-size=
:14px"><span style=3D"font-family:lato=2Chelvetica neue=2Chelvetica=2Caria=
l=2Csans-serif">And then a few tweets that seemed salient=2C amusing or bo=
th:</span></span></p>
<div style=3D"text-align: left;"><span style=3D"font-size:16px">=E2=80=A2&=
nbsp; </span><span style=3D"font-size:14px"><span style=3D"font-family:lat=
o=2Chelvetica neue=2Chelvetica=2Carial=2Csans-serif">First from Bill Gurle=
y=2C partner of Benchmark Capital and one of the deans of the Silicon Vall=
ey venture capital community=2C who <a href=3D"https://seedrs.us4.list-man=
age.com/track/click?u=3Db211206c49ae6c040bfb8ae74&id=3D84edf735bd&e=3D5ef1148adf" target=3D"_blank" style=3D"mso-line-height-rule: exactly;-ms-text=
-size-adjust: 100%;-webkit-text-size-adjust: 100%;color: #007c89;font-weig=
ht: normal;text-decoration: underline;">tweets</a>: <strong>=E2=80=9CI am=
living through my third =E2=80=98reset=E2=80=99 in Silicon Valley. Reputa=
tions are built in hard times=2C not the easy times. If you shake a hand=
=2C sign your name - stand strong=2C or your word is no good. Otherwise yo=
u are a transient that only wanted the easy take. And you should move on.=
=E2=80=9D</strong> It=E2=80=99s already apparent that some investors are h=
eeding this advice more than others=2C and I think that will be well remem=
bered by founders when they get to the other side of this.</span></span><b=
r>
</div>
<div style=3D"text-align: left;"><span style=3D"font-size:16px">=E2=80=A2&=
nbsp; </span><span style=3D"font-size:14px"><span style=3D"font-family:lat=
o=2Chelvetica neue=2Chelvetica=2Carial=2Csans-serif">Paul Graham=2C founde=
r of Y Combinator (YC) and essayist extraordinaire=2C <a href=3D"https://s=
eedrs.us4.list-manage.com/track/click?u=3Db211206c49ae6c040bfb8ae74&id=3Da=
013f7e43b&e=3D5ef1148adf" target=3D"_blank" style=3D"mso-line-height-rule=
: exactly;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;color:=
#007c89;font-weight: normal;text-decoration: underline;">tweets</a> a str=
aightforward and pithy piece of advice: <strong>=E2=80=9CIf your startup's=
market has shrunk and you're wondering if you should (a) wait for it to c=
ome back or (b) adjust yourself to its current size=2C the answer is proba=
bly (b).=E2=80=9D</strong> For more of Paul=E2=80=99s excellent thinking (=
from pre-crisis days)=2C you can <a href=3D"https://seedrs.us4.list-manage=
=2Ecom/track/click?u=3Db211206c49ae6c040bfb8ae74&id=3D8d08af20f7&e=3D5ef1148adf" target=3D"_blank" style=3D"mso-line-height-rule: exactly;-ms-text-si=
ze-adjust: 100%;-webkit-text-size-adjust: 100%;color: #007c89;font-weight:=
normal;text-decoration: underline;">s</a><a href=3D"https://seedrs.us4.li=
st-manage.com/track/click?u=3Db211206c49ae6c040bfb8ae74&id=3Ddba45308fe&e=
=3D5ef1148adf" target=3D"_blank" style=3D"mso-line-height-rule: exactly;-=
ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;color: #007c89;fo=
nt-weight: normal;text-decoration: underline;">ee his collection of essays=
here</a>.</span></span><br>
</div>
<div style=3D"text-align: left;"><span style=3D"font-size:16px">=E2=80=A2&=
nbsp; </span><span style=3D"font-size:14px"><span style=3D"font-family:lat=
o=2Chelvetica neue=2Chelvetica=2Carial=2Csans-serif">Mattias Ljungman=2C o=
ne of the greats of the UK venture capital community=E2=80=94for many year=
s at Atomico=2C which he co-founded=2C and now at his own Moonfire Venture=
s=E2=80=94<a href=3D"https://seedrs.us4.list-manage.com/track/click?u=3Db2=
11206c49ae6c040bfb8ae74&id=3D45dcf7052d&e=3D5ef1148adf" target=3D"_blank"=
style=3D"mso-line-height-rule: exactly;-ms-text-size-adjust: 100%;-webkit=
-text-size-adjust: 100%;color: #007c89;font-weight: normal;text-decoration=
: underline;">tweets</a> a thought about the post-crisis world: <strong>=
=E2=80=9CCoronavirus has accelerated a wide societal change which is also=
further digitizing our economy. We are all re-thinking how we live our li=
ves. To many this is either traumatizing & exhilarating!=E2=80=9D</str=
ong></span></span><br>
</div>
<div style=3D"text-align: left;"><span style=3D"font-size:16px">=E2=80=A2&=
nbsp; </span><span style=3D"font-size:14px"><span style=3D"font-family:lat=
o=2Chelvetica neue=2Chelvetica=2Carial=2Csans-serif">And finally=2C for th=
ose of us who have been around for bit=2C a funny one from James Clark=2C=
the tech community=E2=80=99s man at the London Stock Exchange. He <a href=
=3D"https://seedrs.us4.list-manage.com/track/click?u=3Db211206c49ae6c040bf=
b8ae74&id=3Dc8f80d2830&e=3D5ef1148adf" target=3D"_blank" style=3D"mso-lin=
e-height-rule: exactly;-ms-text-size-adjust: 100%;-webkit-text-size-adjust=
: 100%;color: #007c89;font-weight: normal;text-decoration: underline;">twe=
ets</a>: <strong>=E2=80=9CIt's probably worth pointing out that Webvan wou=
ld be crushing it right now.=E2=80=9D</strong> (For the young=E2=80=99uns=
who don=E2=80=99t know what Webvan was=2C just Google =E2=80=9Cdot-com cr=
ash=E2=80=9D and =E2=80=9Cposter child=E2=80=9D.) </span></span></div=
>
<p style=3D"line-height: 150%;margin: 10px 0;padding: 0;mso-line-height-ru=
le: exactly;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;colo=
r: #444444;font-family: 'Lato'=2C 'Helvetica Neue'=2C Helvetica=2C Arial=
=2C sans-serif;font-size: 16px;text-align: left;"><br>
<span style=3D"font-size:18px"><span style=3D"font-family:lato=2Chelvetica=
neue=2Chelvetica=2Carial=2Csans-serif"><strong>What Seedrs is Doing</stro=
ng></span></span><br>
<br>
<span style=3D"font-size:14px"><span style=3D"font-family:lato=2Chelvetica=
neue=2Chelvetica=2Carial=2Csans-serif">Last week I shared a <a href=3D"ht=
tps://seedrs.us4.list-manage.com/track/click?u=3Db211206c49ae6c040bfb8ae74=
&id=3D476d9fc800&e=3D5ef1148adf" target=3D"_blank" style=3D"mso-line-heig=
ht-rule: exactly;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%=
;color: #007c89;font-weight: normal;text-decoration: underline;">blog post=
</a> in which I talked about the initial set of actions that Seedrs is tak=
ing to support our entrepreneurs and investors during this time. Of these=
=2C I=E2=80=99m pleased to announce our first online pitching event and ou=
r first online office hours will take place this week:</span></span></p>
<span style=3D"font-size:16px">=E2=80=A2 </span><span style=3D"font-=
size:14px"><span style=3D"font-family:lato=2Chelvetica neue=2Chelvetica=2C=
arial=2Csans-serif">Online Bitesize Pitches: Thursday=2C 2 April 2020=2C 1=
3.00 London time. Featuring Crua Outdoors=2C Miso Tasty=2C Lifetise and Hy=
per Poland. Open to all authorised investors. Details on registration comi=
ng shortly.</span></span><br>
<br>
<span style=3D"font-size:16px">=E2=80=A2 </span><span style=3D"font-=
size:14px"><span style=3D"font-family:lato=2Chelvetica neue=2Chelvetica=2C=
arial=2Csans-serif">Online Office Hours: Friday=2C 3 April 2020=2C 12.00 L=
ondon time. Raising Capital for Your Business During Covid-19. Open to all=
who are considering ways to raise finance during this period. <a href=3D"=
https://seedrs.us4.list-manage.com/track/click?u=3Db211206c49ae6c040bfb8ae=
74&id=3D9d47ebeb63&e=3D5ef1148adf" target=3D"_blank" style=3D"mso-line-he=
ight-rule: exactly;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 10=
0%;color: #007c89;font-weight: normal;text-decoration: underline;">Registe=
r here</a>. </span></span>
<p style=3D"line-height: 150%;margin: 10px 0;padding: 0;mso-line-height-ru=
le: exactly;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;colo=
r: #444444;font-family: 'Lato'=2C 'Helvetica Neue'=2C Helvetica=2C Arial=
=2C sans-serif;font-size: 16px;text-align: left;"><span style=3D"font-size=
:14px"><span style=3D"font-family:lato=2Chelvetica neue=2Chelvetica=2Caria=
l=2Csans-serif">Meanwhile=2C initiatives like our fast-tracked fundraising=
campaign service=2C convertible equity campaigns (ASAs) and extended camp=
aign length are already up and running=E2=80=94we=E2=80=99ll be sharing mo=
re information shortly=2C but if you are interested in any of them=2C plea=
se get in touch with your contact at Seedrs or <a href=3D"mailto:support@s=
eedrs.com" target=3D"_blank" style=3D"mso-line-height-rule: exactly;-ms-te=
xt-size-adjust: 100%;-webkit-text-size-adjust: 100%;color: #007c89;font-we=
ight: normal;text-decoration: underline;">send us an email</a>. And we=E2=
=80=99ll have updates on the remaining efforts in coming days.<br>
<br>
That=E2=80=99s all from me for now. Please do let me know any feedback or=
contributions=2C and I hope you all stay well and safe in the week ahead.=
<br>
<br>
Best wishes=2C<br>
<br>
Jeff Lynn<br>
Executive Chairman & Co-Founder</span></span></p>
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<td style=3D"padding-top: 0;padding-right: 18px;padding-bottom=
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st: 100%;-webkit-text-size-adjust: 100%;" valign=3D"top" align=3D"center"=
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rtant;border-radius: 3px;background-color: #92C840;mso-table-lspace: 0pt;m=
so-table-rspace: 0pt;-ms-text-size-adjust: 100%;-webkit-text-size-adjust:=
100%;">
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<tr>
<td align=3D"center" valign=3D"middle" class=
=3D"mcnButtonContent" style=3D"font-family: Arial;font-size: 16px;padding:=
18px;mso-line-height-rule: exactly;-ms-text-size-adjust: 100%;-webkit-tex=
t-size-adjust: 100%;">
<a class=3D"mcnButton " title=3D"View this=
update on our site" href=3D"https://seedrs.us4.list-manage.com/track/clic=
k?u=3Db211206c49ae6c040bfb8ae74&id=3D45878a8df6&e=3D5ef1148adf" target=3D=
"_blank" style=3D"font-weight: bold;letter-spacing: normal;line-height: 10=
0%;text-align: center;text-decoration: none;color: #FFFFFF;mso-line-height=
-rule: exactly;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;d=
isplay: block;">View this update on our site</a>
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oterContainer" style=3D"background:#transparent none no-repeat center/cove=
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ground-repeat: no-repeat;background-position: center;background-size: cove=
r;border-top: 0;border-bottom: 0;padding-top: 0px;padding-bottom: 0;"><tab=
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pacing=3D"0" style=3D"max-width: 100%;min-width: 100%;border-collapse: col=
lapse;mso-table-lspace: 0pt;mso-table-rspace: 0pt;-ms-text-size-adjust: 10=
0%;-webkit-text-size-adjust: 100%;" width=3D"100%" class=3D"mcnTextContent=
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<td valign=3D"top" class=3D"mcnTextContent" style=
=3D"padding-top: 0;padding-right: 18px;padding-bottom: 9px;padding-left: 1=
8px;mso-line-height-rule: exactly;-ms-text-size-adjust: 100%;-webkit-text-=
size-adjust: 100%;word-break: break-word;color: #FFFFFF;font-family: Helve=
tica;font-size: 12px;line-height: 150%;text-align: center;">
<div style=3D"text-align: center;"><br>
<a href=3D"http://" style=3D"mso-line-height-rule: exactly;-ms-text-size-a=
djust: 100%;-webkit-text-size-adjust: 100%;color: #1b82e6;font-weight: nor=
mal;text-decoration: none;"><img data-file-id=3D"34965" height=3D"27" src=
=3D"https://gallery.mailchimp.com/b211206c49ae6c040bfb8ae74/images/dd2697e=
5-bf62-4f3a-aee2-015ba4ce1284.png" style=3D"border: 0px;width: 100px;heigh=
t: 27px;margin: 0px;outline: none;text-decoration: none;-ms-interpolation-=
mode: bicubic;" width=3D"100"></a></div>
<p style=3D"font-family: Arial=2C "Arial Black"=2C Tahoma=2C &qu=
ot;Trebuchet MS"=2C Verdana=2C sans-serif;font-size: 12px;color: #AAA=
AAA;text-decoration: none;text-align: center;margin: 10px 0;padding: 0;mso=
-line-height-rule: exactly;-ms-text-size-adjust: 100%;-webkit-text-size-ad=
just: 100%;line-height: 150%;"><a href=3D"https://seedrs.us4.list-manage.c=
om/track/click?u=3Db211206c49ae6c040bfb8ae74&id=3D10bd41e8ff&e=3D5ef1148adf" style=3D"text-decoration: none;text-underline: none;mso-line-height-ru=
le: exactly;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;colo=
r: #1b82e6;font-weight: normal;" target=3D"_blank"><img alt=3D"Trustpilot=
rating" border=3D"0" height=3D"16" src=3D"https://emailsignature.trustpil=
ot.com/signature/en-GB/2/5192e86000006400052c669a/text.png" style=3D"max-h=
eight: 16px;border: none;height: auto !important;outline: none;text-decora=
tion: none;-ms-interpolation-mode: bicubic;"><br>
<img alt=3D"Trustpilot Stars" border=3D"0" src=3D"https://emailsignature.t=
rustpilot.com/signature/en-GB/2/5192e86000006400052c669a/stars.png" style=
=3D"max-width: 160px;width: 100%;border: none;height: auto !important;outl=
ine: none;text-decoration: none;-ms-interpolation-mode: bicubic;" width=3D=
"160"></a><br>
<a href=3D"https://seedrs.us4.list-manage.com/track/click?u=3Db211206c49ae=
6c040bfb8ae74&id=3D096cdf7c56&e=3D5ef1148adf" style=3D"text-decoration: n=
one;text-underline: none;mso-line-height-rule: exactly;-ms-text-size-adjus=
t: 100%;-webkit-text-size-adjust: 100%;color: #1b82e6;font-weight: normal;=
" target=3D"_blank"><img alt=3D"Trustpilot Logo" border=3D"0" src=3D"https=
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9px;width: 100%;border: none;height: auto !important;outline: none;text-de=
coration: none;-ms-interpolation-mode: bicubic;" width=3D"79"></a></p>
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adjust: 100%;">
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=09=09=09=09<td align=3D"center" valign=3D"top" ">
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%;-webkit-text-size-adjust: 100%;" class=3D"mcnBoxedTextContentContainer">
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<td style=3D"padding-top: 9px;padding-left: 18px;p=
adding-bottom: 9px;padding-right: 18px;mso-line-height-rule: exactly;-ms-t=
ext-size-adjust: 100%;-webkit-text-size-adjust: 100%;">
<table border=3D"0" cellspacing=3D"0" class=3D=
"mcnTextContentContainer" width=3D"100%" style=3D"min-width: 100% !importa=
nt;background-color: #F2F2F2;border: 1px solid #7A8288;border-collapse: co=
llapse;mso-table-lspace: 0pt;mso-table-rspace: 0pt;-ms-text-size-adjust: 1=
00%;-webkit-text-size-adjust: 100%;">
<tbody><tr>
<td valign=3D"top" class=3D"mcnTextCon=
tent" style=3D"padding: 18px;color: #7A8288;font-family: Helvetica;font-si=
ze: 14px;font-weight: normal;line-height: 150%;text-align: center;mso-line=
-height-rule: exactly;-ms-text-size-adjust: 100%;-webkit-text-size-adjust:=
100%;word-break: break-word;">
<div style=3D"text-align: left;"><=
span style=3D"font-family:lato=2Chelvetica neue=2Chelvetica=2Carial=2Csans=
-serif"><span style=3D"font-size:14px"><span style=3D"color:#7a8288">Inves=
ting involves risks=2C including loss of capital=2C illiquidity=2C lack of=
dividends and dilution=2C and should be done only as part of a diversifie=
d portfolio. Please read the </span><a href=3D"https://seedrs.us4.list-man=
age.com/track/click?u=3Db211206c49ae6c040bfb8ae74&id=3D23ff7269e2&e=3D5ef1148adf" target=3D"_blank" style=3D"mso-line-height-rule: exactly;-ms-text=
-size-adjust: 100%;-webkit-text-size-adjust: 100%;color: #1b82e6;font-weig=
ht: normal;text-decoration: none;"><span style=3D"color:#1b82e6">Risk Warn=
ings</span></a><span style=3D"color:#7a8288"> before investing. Investment=
s should only be made by investors who understand these risks. Seedrs does=
not make investment recommendations to you and any investment decision sh=
ould be made on the basis of the full campaign. No communications from See=
drs=2C through email or any other medium=2C should be construed as an inve=
stment recommendation. </span></span></span></div>
</td>
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</tbody>
</table><table border=3D"0" cellpadding=3D"0" cellspacing=3D"0" width=3D"1=
00%" class=3D"mcnTextBlock" style=3D"min-width: 100%;border-collapse: coll=
apse;mso-table-lspace: 0pt;mso-table-rspace: 0pt;-ms-text-size-adjust: 100=
%;-webkit-text-size-adjust: 100%;">
<tbody class=3D"mcnTextBlockOuter">
<tr>
<td valign=3D"top" class=3D"mcnTextBlockInner" style=3D"paddin=
g-top: 9px;mso-line-height-rule: exactly;-ms-text-size-adjust: 100%;-webki=
t-text-size-adjust: 100%;">
=09<!--[if mso]>
=09=09=09=09<table align=3D"left" border=3D"0" cellspacing=3D"0" cellpaddi=
ng=3D"0" width=3D"100%" style=3D"width:100%;">
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=09=09=09=09<![endif]-->
<table align=3D"left" border=3D"0" cellpadding=3D"0" cells=
pacing=3D"0" style=3D"max-width: 100%;min-width: 100%;border-collapse: col=
lapse;mso-table-lspace: 0pt;mso-table-rspace: 0pt;-ms-text-size-adjust: 10=
0%;-webkit-text-size-adjust: 100%;" width=3D"100%" class=3D"mcnTextContent=
Container">
<tbody><tr>
<td valign=3D"top" class=3D"mcnTextContent" style=
=3D"padding: 0px 18px 9px;line-height: 150%;mso-line-height-rule: exactly;=
-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;word-break: brea=
k-word;color: #FFFFFF;font-family: Helvetica;font-size: 12px;text-align: c=
enter;">
<div style=3D"text-align: left;"><span style=
=3D"font-size:14px"><span style=3D"color:#7a8288">Seedrs Limited is a=
uthorised and regulated by the Financial Conduct Authority. Seedrs Limited=
is a limited company=2C registered in England and Wales (No. 06848016)=2C=
with registered office at Churchill House=2C 142-146 Old Street=2C London=
EC1V 9BW.<br>
<br>
This message and any attachments are confidential=2C and may be prote=
cted by legal privilege. Nothing in this message shall be considered an of=
fer to sell=2C or a solicitation of an offer to buy=2C any security to any=
person in any jurisdiction to whom or in which such offer=2C solicitation=
or sale is unlawful. Seedrs does not provide legal=2C financial or tax ad=
vice of any kind=2C and nothing in this email constitutes such advice. If=
you have any questions with respect to legal=2C financial or tax matters=
relevant to your interactions with Seedrs or its affiliates=2C you should=
consult a professional adviser. <br>
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